Ghana’s total public debt increased by GH¢42.7 billion in the first quarter of 2025, reaching GH¢769.4 billion as of March 2025, according to the Bank of Ghana’s May 2025 Summary of Financial and Economic Data.

The report reveals that the country's debt stock rose steadily from GH¢752.1 billion in January to GH¢768.1 billion in February, culminating in the March figure. In U.S. dollar terms, the debt was estimated at $49.5 billion, about $100 million more than the total recorded in December 2024.

Despite the increase, Ghana’s debt-to-GDP ratio stood at 55%, a reduction attributed to an expanding economy, which is currently valued at approximately GH¢1.4 trillion.

External debt rose modestly from $28.3 billion in December 2024 to $28.5 billion in March 2025, accounting for 28.5% of GDP. The increase was partly influenced by the depreciation of the Ghanaian cedi during the period.

Domestic debt also saw a notable rise, increasing from GH¢309.5 billion in December 2024 to GH¢326.9 billion in March 2025, representing about 23.4% of GDP. The debt levels in January and February stood at GH¢320.1 billion and GH¢328.0 billion, respectively.

On the fiscal front, Ghana posted a fiscal deficit-to-GDP ratio of 1.0% in March 2025, reflecting relatively low government expenditure. The primary balance—which excludes interest payments—registered a surplus of 0.3% of GDP, indicating cautious fiscal management.

The report highlights a complex but improving economic outlook, with macroeconomic stability efforts counterbalanced by continued debt accumulation and currency challenges.